Running even a small business can be difficult especially if the capital isn’t enough. This is true for those businesses that need the help of new technologies for mass production.
Fortunately, the Department of Science and Technology created a program called SETUP that aims to sustain and support MSMEs to grow. Through the help of SETUP, a business can increase productivity and job creation. Likewise, MSMEs will have the opportunity to improve their products, operation, and services through technological innovation.
Program objective of DOST-SETUP
The main objective of DOST – SETUP is to help MSMEs to improve their competitiveness and productivity through the following:
- Consultancy services, technical assistance, and manpower training
- Improve operations by infusing advanced technologies
- Database management system
- Provide funds for acquiring new equipment and technology
- Design of functional and innovative designs
- Assistance in ensuring product standards
The sectors covered and who can benefit from the SETUP program are furniture, food processing, aquatic and marine resources, handicrafts, horticulture, metals and engineering.
Who can apply in DOST-SETUP?
- Any individual firm or company that is owned by Filipino citizens and based in the Philippines.
- Any MSME that is categorized under the sectors mentioned above.
- An individual firm willing to employ technological improvements in their current operations.
- Letter of intent
- Technology Needs Assessment or TNA
- Applicant’s basic information sheet
- Project proposal
For firm who want to apply for SETUP, additional requirements must be submitted:
- Business license/permit
- Certificate of registration (DTI, CDA, SEC)
- Full technical design and specification of the equipment to be fabricated or purchased
- Projected income for 5 years
- Previous years financial statement (3 years) duly signed by an accountant or auditor
- Quotation or canvass of equipment (at least minimum of 3 canvass)
Interested applicants can submit the complete documents at the nearest DOST Regional Office that covers area. But, you can also inquire from any Provincial Science and Technology office near you.
The good thing about SETUP is that the applicant can borrow the maximum amount of Php5M without interest.